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The law of diminishing marginal productivity implies that increasing only one input will lead to smaller and smaller increases in output.

What is the law of diminishing marginal productivity?

  • An economic law guiding production states that if more variable input units are utilized in conjunction with a particular quantity of constant inputs, the overall output may grow at a quicker pace at first, then at a steady rate, but eventually at a declining rate.
  • According to the law of diminishing marginal productivity, increasing merely one input leads to smaller and smaller improvements in output.
  • According to the law of diminishing marginal productivity, opportunity cost rises as one input is raised to produce successive units of output.
  • Consider a farmer who uses fertilizer as an input in the process of growing corn.
  • Each unit of added fertilizer will only minimally boost production return up to a certain point.

Therefore, the law of diminishing marginal productivity implies that increasing only one input will lead to smaller and smaller increases in output.

Know more about the law of diminishing marginal productivity here:

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